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Digital financial services platform Mobikwik announced the launch of its new product called 'Boost', that offers instant loan approval and disbursal to its users.
This is the first-of-its-kind of credit disbursal product, wherein loans of up to Rs 60,000 are sanctioned as well as disbursed in a matter of 90 seconds.
MobiKwik has also partnered with a number of NBFCs to offer this service to its users. MobiKwik is the first wallet player to disburse loan amount in the user's mobile wallet.
Upasana Taku, Co-founder, and Director, MobiKwik said: "This is first of its kind of product that will totally revolutionize the way India avails credit. Our path-breaking product will enable Indians, located anywhere in India, to avail instant loans, whenever they require, within 90 seconds, via the MobiKwik app."
"In the initial months of piloting the offering, we have already crossed 100 thousand loan providers. We will be rolling out new products in the lending portfolio so as to cater to diverse credit requirements of customers," Taku said.
Boost' offers loans without any hassles of submission of paperwork or collaterals. The loan sanction decision will be taken in 30 seconds, on the basis of an innovative risk scoring model called 'Mobiscore', developed by MobiKwik.
Moreover, users can apply for loans ranging from Rs 5,000 up to Rs 60,000 through the MobiKwik app. MobiKwik users who avail of loans via the app will have the option of transferring their loan amount to their bank account.
The loan process includes 4 simple steps:
1. Select Boost on the MobiKwik App.
2. Activate Boost for instant loan.
3. Insert PAN and other Kyc details to view loan offer.
4. Accept loan offer and get instant disbursal.